This is an alternate word for an Aussie or Australian.
To be used in the same way as POM, can be derogatory or a term of endearment.
Smeg or Smegs for plural , this word can be used on an everyday basis at home or work or pleasure, in the same way Smegs use the word POM.

An all purpose swear word originally used by punks before made popularized by the british television show Red Dwarf dispite popular belief smegs origins did not have to do with smegma which is a crusty substance that develops underneath foreskin.

"Smeg" was adapted for use by the crew of the popular BBC TV sitcom, Red Dwarf, and comes from the word smegma, which describes the yellowy, cheesy substance found on the end of dirty penises and grimey clits.